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Swiss bankers forgot they're meant to be boring

By Matthew Brooker

30 Mar 2023 · 6 min read

Editor's Note

Credit Suisse's recent history has been interesting in the worst sense of the word, writes Bloomberg's Matthew Brooker. After the carnage of recent weeks, the boring old days never looked so good.

May you live in interesting times. Whoever coined the apocryphal saying, usually attributed incorrectly to China, clearly wasn’t a banking regulator. History shows that economies tend to be more stable and crisis-resistant when the world of finance is kept intentionally dull. The crisis that has spread from US regional lenders to Credit Suisse Group AG and even sent tremors through Deutsche Bank AG is a sign of how far the world is from that nirvana of tedium. We are living in very interesting times indeed.

The Credit Suisse saga offers the best illustration, an extended soap opera that has featured a cocktail party bust-up between one CEO and another top executive, a spying scandal, and multi-billion-dollar entanglements with billionaire Bill Hwang’s collapsed investment firm and disgraced financier Lex Greensill. More exotic episodes include helping a Bulgarian wrestler to launder cocaine cash and involvement in a Mozambique fundraising for tuna fishing boats from which hundreds of millions were looted. The Zurich-based bank’s post-2008 history has been relentlessly interesting, in the most curse-laden sense of the word.

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